Payment Operation definition

Payment Operation means a money deposit, transfer or withdrawal initiated by the Payer or the Recipient;

Payment Operation means any action initiated by the Client for the purpose of depositing, transferring or withdrawing funds.

Payment Operation means, but not limited to:

Examples of Payment Operation in a sentence

• The Service Provider exercises no oversight over the conformity, security, legality, characteristics and the appropriate character of the products and services subject to a Payment Operation.

• In the absence of sufficient provisions in the Account to carry out such a reversal, the Service Provider may suspend or cancel any Payment Operation initiated by the Account Holder or a representative, or as the case may be, subrogate the rights of the Account Holder by carrying out recovery procedures for the amount due by the User by any means.

• In the event of an unauthorised Payment Operation following the loss or theft of Personalised Security Data, the Account Holder is responsible for the losses related to the use of Personalised Security Data before it is contested, up to a threshold of fifty (50) euros.

• The Service Provider will return the Account to the state it was in before the unauthorised Payment Operation took place In the event it is contested, responsibility for proof that the Operation was identified, duly recorded and accounted for, and that it was not affected by technical or other deficiencies is the responsibility of the Service Provider.

• However, the Account Holder is not held responsible in the event:- Of an unauthorised Payment Operation carried out without using Personalised Security Data;- Of the loss or theft of Personalised Security Data that could not be detected by the Account Holder before the payment was made;- Of losses due to actions or failures of an employee, agent or subsidiary of a PSP or an entity to which these activities were externalised.

More Definitions of Payment Operation

Payment Operation means an action initiated by the Client or another Ordering person or by the Beneficiary in order to deposit, transfer or withdraw funds in or from a Current Bank Account. Payment Order (or OP) means any Payment Instruction issued by the Ordering person to BCR based on a standardized pre-printed form made available by BCR, in compliance with the rules of Chapter XIII. Ordering person represents the Client or another authorized person sending to BCR a Payment Instruction according to the operating rights related to the Current Bank Account from which the Payment Instruction is executed. OUR represents the commissioning way related to foreign currency transactions, according to which the fees of all the payment services providers on the payment route are born by the Ordering person. The fee “Secured OUR” excludes the possibility of a later settlement of the fees, the fee related to the payment being born by the Ordering person only once, when the payment is made, except for the payment transiting USA.

Payment Operation means an action taken by the payer or by the payee to deposit, transfer or withdraw cash, irrespective of the principal relationship between the payer and the payee.

Payment Operation indicates the transfer of Electronic Money to the Beneficiary indicated on the Site by a User.

Payment Operation means the payment performed by a User-Payer to a User-Recipient’s benefit for the purchase, by the latter, of a good or service. This Payment Operation takes the form of a purchase of Electronic Money from the Issuer and its transfer on the Account of the User-Recipient designated by the User-Payer. Partner: means company [], referred in the headings hereof, operating the Partner Website and offering its Users, as an agent of the Issuer, the possibility to open an Account, to purchase Electronic Money issued by the Issuer through the Website, and to use such Electronic Money to perform a Transaction.

Payment Operation action, initiated by an Originator or by a Beneficiary, consisting of transferring funds between payment accounts in the Union, regardless of any underlying obligations between the Originator and the Beneficiary.

Payment Operation means paying money in, transfer of money, or withdrawal of money by the Client.

Payment Operation. Means any transfer of funds executed by the Payment Method issuer credited to the Submerchant’s Payment Account following transmission of a Payment Order by the Customer using a Payment Method.